Starbucks is forming a joint venture with Chinese investment firm Boyu Capital to operate Starbucks stores in China. Under the agreement announced Monday, Boyu acquire a 60% interest in Starbucks’ retail operations in China, which is valued at $4 billion. Starbucks will retain a 40% interest in the joint venture and will own and license the Starbucks brand. Starbucks entered China almost 30 years ago and has been credited with growing a coffee culture in the country. But in recent years, the Seattle coffee giant has struggled to compete with cheap, fast-growing Chinese startups like Luckin Coffee.
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